UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2007
MoSys, Inc.
(Exact name of registrant as specified in its charter)
000-32929
(Commission File Number)
Delaware 77-0291941
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation)
755 N. Mathilda Avenue
Sunnyvale, California 94085
(Address of principal executive offices, with zip code)
(408) 731-1800
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On May 1, 2007, MoSys, Inc. issued a press release announcing its financial
results for the fourth fiscal quarter and fiscal year ended March 31, 2007. A
copy of this press release is furnished as Exhibit 99.1 to this report. The
press release should be read in conjunction with the statements regarding
forward-looking statements, which are included in the text of the release.
In addition to disclosing financial results calculated in accordance with U.S.
generally accepted accounting principles (GAAP), the Company's earnings release
contains non-GAAP financial measures that exclude the statement of operation
effects of stock-based compensation. The Company has applied the modified
prospective method of adoption of SFAS123R, under which the effects of SFAS123R
are reflected in the Company's GAAP financial statement presentations for and
after the first quarter of 2006. Management of the Company primarily reviews
gross margin, operating expenses (research and development and sales, general
and administrative), operating income (loss), net income (loss) and net income
(loss) per share exclusive of share-based compensation for planning and
forecasting future periods. Because management reviews these financial measures
calculated without taking into account these items, these financial measures are
treated as "non-GAAP financial measures" under Securities and Exchange
Commission rules. Management uses the non-GAAP financial measures for internal
managerial purposes, to evaluate the Company's performance over comparable
periods, and to compare the Company's results to those of other companies in its
sector. In addition, management cites these measures when publicly disclosing
forward-looking statements about expected future results of operations.
Management and the Board of Directors will continue to compare the Company's
historical consolidated results of operations (revenue, gross margin, research
and development, selling, general and administrative expenses, operating loss as
well as net income (loss) and net income (loss) per share), excluding
share-based compensation to assess the business and compare operating results to
the Company's performance objectives. For example, the Company's budgeting and
planning process utilizes these non-GAAP financial measures, along with other
types of financial information. Also, profit-dependent cash incentive pay to
eligible employees, including senior management, is calculated with reference to
operating results excluding all share-based compensation. The Company discloses
these non-GAAP financial measures to the public as an additional means by which
investors can assess the Company's performance and to identify the Company's
operating results for investors on the same basis applied by management. The
non-GAAP financial measures disclosed by the Company should not be considered a
substitute for, or superior to, financial measures calculated in accordance with
GAAP, and the financial results calculated in accordance with GAAP and
reconciliations to those financial statements should be carefully evaluated. The
non-GAAP financial measures used by the Company may be calculated differently
from, and therefore may not be comparable to, similarly titled measures used by
other companies. The Company has provided reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial measures in
the press release attached as Exhibit 99.1
Moreover, although these non-GAAP financial measures adjust expense, they should
not be viewed as a pro forma presentation reflecting the elimination of the
underlying share-based compensation programs, as those programs are an important
element of the Company's compensation structure and generally accepted
accounting principles indicate that all forms of share-based payments should be
valued and included as appropriate in results of operations. Management believes
these expenses are a material part of the Company's operating results.
The information contained in this report and the exhibit attached hereto is
furnished solely pursuant to Item 2.02 of Form 8-K and shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section. The
information contained herein and the exhibit attached hereto shall not be
incorporated by reference into any filing with the Securities and Exchange
Commission made by MoSys, Inc., whether made before or after the date hereof,
except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
================================================================================
99.1 Press Release titled "MoSys, Inc. Reports First Quarter 2007
Financial Results" dated May 1, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MOSYS, INC.
Date: May 1, 2007 By: /s/ James R. Pekarsky
--------------------------------------
James R. Pekarsky
Vice President of Finance and
Administration Chief Financial Officer
EXHIBIT INDEX
=============
Exhibit No. Description
================================================================================
99.1 Press Release titled "MoSys, Inc. Reports First Quarter 2007
Financial Results" dated May 1, 2007.